Cyber-Attack Hits Home Sales and Charity Bank Accounts

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 30 December 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Property buyers have said their home completions are being left in limbo after a company providing IT services to law firms was hit by a cyber incident. Money Box has found some of the UK's largest lenders have begun extending mortgage offers for those affected.

A national debt charity is calling on lenders to improve the way they identify customers who're getting into problem debt. StepChange says its recent research shows almost half of people with credit debt are experiencing difficulty with household bills and 1 in 6 adults are using credit to make ends meet. UK Finance which represents banks and credit card companies says lenders are committed to lending responsibly.

Charities are facing weeks or even months unable to access their own money thanks to the unexpected closures of their bank accounts. We've been getting emails about accounts being closed without people being given any reason or warning. UK Finance says banks will only take a decision to close an account after an extensive review and analysis.

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 2nd December 2023)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.3	Hello, welcome to this Moneybox podcast.
0:46.2	A debt charity has told lenders to take more care of customers who are already in debt.
0:51.2	Some are lending them more, even though they're struggling. And many small clubs and
0:56.2	charities are unable to access their own money after their bank closed their accounts without
1:01.2	notice or explanation. But first, Moneybox has learned some of the UK's largest lenders have begun
1:07.9	extending the time limit on mortgage offers after a cyber attack affected
1:12.2	thousands of people trying to buy and sell homes. CTS, which provides cloud computing services
1:18.8	to hundreds of conveyancing firms, was the victim of the attack just over a week ago, and
1:24.2	its services are still unavailable. It means thousands of people have been unable to
1:29.0	complete and move home. Moneybox reporter Dan Whitworth's been investigating, Dan, when did these
1:33.8	problems start? Well, it was just over a week ago, Paul, when CTS posted on its website that it
1:39.7	had been the subject of what it described as a cyber incident. Now, it didn't really give any more details on what the problem was exactly or when it might
1:48.1	be fixed.
1:49.1	Now, we do know CTS is a company which provides IT services to lots of conveyancing firms.
	...

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